News of McNickel’s plans to earn a 50% interest in a tire recycling joint venture more than doubled the value of the junior explorer’s shares. On thin volume, McNickel gained eight cents to close at 15 cents for the week ended June 12.
Under a letter of intent with Ontario Tire Recycling Inc., McNickel will contribute up to $1.5 million to establish a cryogenic tire recycling facility in southwestern Ontario and provide the initial working capital for startup.
Meanwhile, the market ignored a deal between Panthco Resources and Sudbury Contact Mines, whereby the latter will spend $500,000 to explore Panthco’s 51-claim gold property near Kirkland Lake, Ont., and make cash payments of $115,000.
Panthco last traded at 10 cents.
Looking for buried treasure in the Philippines, Force Resources has secured an 8% net profit interest in all the mineral claims controlled by its president, Gordon Lee. In return, Force must issue one share for every 20 cents NPI, up to a maximum of five million escrowed earn-out shares.
The company is hoping to find gold bullion and other precious metals supposedly buried in the Philippines by the Japanese during the Second World War.
Force was 10 cents bid, 20 cents ask for the week.
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